Tom Barkin, Interview: CNBC

Inflation

“Well, I certainly think we’re past peak on inflation, but we still have a ways to go. And shelter, you mentioned, it came in at 0.6, which if you multiply by 12 is over 7% year after year. Core services came in at 0.4, which if you multiply that by 12 is about five. So if you want to get down to 2%, I think we’re still a ways from there.”

Fed Funds

I mean, my point of view is that you react to inflation as it comes in. I don’t have a view that you find some particular number that’s the perfect (Fed Funds) number and you hold there or you work from there. I think if inflation comes in hot, you’ve got to do something about it. I think if demand starts to cool, you can take that on board as well. And so I’m looking very hard at what’s happening in demand, I’m looking very hard at what’s happening in the labor market and of course, looking very hard at what’s happening with inflation.

Recession/Soft Landing

“Well, I’m focused on getting inflation under control, and I think we can get inflation under control, and that’s really the metric I want to use here. You obviously want to do that with as little damage as possible. We’ll see what happens on the demand side, we’ll see what happens on the price side.”